Category Archives: Uncategorized

June 13, 2024 · 11:00 am

Why Median Home Sales Price Is Confusing Right Now

The median home sales price can be confusing right now due to several factors at play in the real estate market. Here are a few reasons why the median home sales price may be difficult to interpret:

  1. Inventory Levels: The supply of homes for sale has a significant impact on median home sales prices. In some areas, there may be a shortage of inventory, leading to increased competition among buyers and driving up prices. In other areas, there may be an oversupply of homes, which can lead to price reductions and lower median prices. It’s essential to consider the inventory levels when analyzing median home sales prices.
  2. Shift in Buyer Preferences: The pandemic has shifted buyer preferences, with more people looking for larger homes, additional outdoor space, and home offices. As a result, the demand for larger homes has increased, driving up the median home sales price. This shift in buyer preferences can skew the median price higher even if prices for smaller homes remain stable or decrease.
  3. Regional Variations: Real estate markets can vary significantly from one region to another. Median home sales prices can differ based on factors such as location, local economy, job market, and amenities. It’s important to consider regional variations when analyzing median prices to get a more accurate picture of the market.
  4. Distressed Sales: The presence of distressed sales, such as foreclosures or short sales, can influence median home sales prices. Distressed properties are typically sold at lower prices, which can bring down the median price. However, the impact of distressed sales on median prices can vary depending on the market conditions and the prevalence of such sales.

To better understand the true state of the market, it’s important to look beyond just the median home sales price. Consider other factors such as inventory levels, average sales price, days on market, and local market conditions to gain a more comprehensive understanding of the real estate market in a particular area.

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May 2, 2024 · 12:05 pm

Still, Saving Your Tax Refund? Here’s How To Use It!

If you have started researching the home-buying process or have already purchased a home, you probably know one of the first things you need to consider is the size of the downpayment you will need to cover on the home you discover. While that down payment can vary depending on what type of financing you qualify for, it is never a bad idea to start saving as much as possible as soon as possible.

If you have tax refund money tucked away into savings, this would be the perfect opportunity to use that cash. With the average refund for this year around $3000, there is a good chance your tax refund, potentially paired with additional savings, can put a major dent in your down payment.

With a competitive market not cooling off soon, now is the time to buy. Ensuring you have the proper funds to cover that downpayment once you find ‘the one’ can save you heartache in the future.

Call Scott and Mary Tynell today. They can set you up with a lender so you can get pre-approved and find out just how much you need to have saved!

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February 22, 2024 · 11:00 am

The Risks of Selling Your House on Your Own

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! 

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January 4, 2024 · 11:59 am

Are You a Homebuyer Worried About Climate Risks?

The increasing effects of natural disasters are leading to new obstacles in residential real estate. As a recent article from CoreLogic explains:

“As the specter of climate change looms large, the world braces for unprecedented challenges. In the world of real estate, one of those challenges will be the effects of natural catastrophes on property portfolios, homeowners, and communities.”

That may be why, according to Zillow, more and more Americans now consider how climate risks and natural disasters can impact their homeownership plans

This study goes on to explain that climate risks affect where many people look for a home. That’s because homebuyers are interested in finding out if the house they want will be exposed to things like floods, extreme heat, and wildfires.

If you’re in the same situation and are thinking about what to do next, here’s some important information to consider as you start looking for a home.

Expert Advice for Homebuyers To Reduce Climate Risks
The first thing to do is understand how to go about buying a home while thinking about climate risks. With the right help and resources, you can simplify the process.

The Mortgage Reports provides these tips for buying your next home:

  • Evaluate climate risks: Before buying a home, it’s important to check if it’s in a flood-prone area using the FEMA website, review the seller’s property disclosure for any past damage, and get an inspection for issues like cracks and mold to make sure it’s a safe investment.
  • Consider future preventative maintenance costs: For areas that get tropical storms, you may need to purchase hurricane shutters and sandbags to protect the home. In wildfire-prone areas, you may want to clear plants five feet from the house, consider rooftop sprinklers, or possibly buy gutter guards to prevent fire hazards. Factor these future expenses in when touring homes that may need them.
  • Take steps to avoid losing your assets: Getting the right insurance for a home in a high-risk climate area is crucial. You should shop around and talk to multiple insurance agents to compare prices and options before deciding to bid on a home.

Above all else, your most valuable resource during this process is a trusted real estate expert. They’ll always focus on your goals while keeping your concerns top of mind. Even if they don’t have all the answers about how your home can handle natural disasters, they can connect you with the right experts and information.

Bottom Line
If you want to buy a home, but you’re also thinking about climate risks, you’re not alone. Your home is a big investment, and if anything can impact that, you want to know. Connect with Scott and Mary Tynell so you have someone you can trust to guide you as you find your next home.

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November 2, 2023 · 2:43 pm

The Impact of Seasonality on the Real Estate Market

Seasonality has a significant impact on the real estate market, influencing both buyer and seller behavior. Here are some key points to consider when discussing the impact of seasonality:

  1. Demand and Inventory: The number of buyers and sellers in the market fluctuates throughout the year. Generally, the spring and summer months see increased activity, as families prefer to move during warmer weather and before the new school year begins. This results in higher demand and more inventory during these seasons.
  2. Pricing: Seasonality can also affect home prices. During the peak season, when there is higher demand, sellers may be able to command higher prices for their properties. Conversely, during the off-peak season, sellers may need to adjust their prices to attract buyers.
  3. Competition: The level of competition among buyers and sellers can vary based on the season. In a seller’s market, when demand exceeds supply, buyers may face more competition and multiple offer situations. On the other hand, in a buyer’s market, when there is an excess of inventory, sellers may need to be more competitive in pricing and marketing their properties.
  4. Market Trends: Real estate market trends can vary throughout the year. For example, in areas with vacation or second-home markets, there may be a surge of buyers during the holiday season or summer months. Additionally, areas with strong university or college presence may experience increased rental demand during the start of the academic year.
  5. Regional Differences: It’s important to note that the impact of seasonality can differ based on the region. For example, in colder climates, the winter months may experience a slowdown in real estate activity due to weather conditions. Conversely, in warmer climates, the winter months may be considered the peak season.

Understanding the impact of seasonality on the real estate market can help buyers and sellers make informed decisions. Scott and Mary Tynell are aware of these patterns and adjust their strategies to maximize their success in any given season.

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October 5, 2023 · 11:00 am

Fall Home Tips: Prepare Your Property for the Changing Season

As the leaves change color and the temperature drops, it’s time to prepare your home for the fall season. From maintenance tasks to cozy decor ideas, these fall home tips will help you create a warm and inviting atmosphere for potential buyers and ensure that your property remains in top condition. Take advantage of this seasonal shift and maximize your real estate opportunities. Read on for some essential tips to get started.

  1. Exterior Maintenance: (a.) Clean the gutters: Remove leaves and debris from your gutters to prevent water damage and potential clogging. (b.) Inspect the roof: Check for loose or damaged shingles and address necessary repairs. (c.) Trim trees and shrubs: Prune overgrown branches to prevent them from causing damage during storms.
  2. Prepare the Yard: (a.) Rake the leaves: Keep your yard well-maintained by raking fallen leaves regularly. (b.) Plant seasonal flowers: Add pops of color to your front yard with fall flowers such as mums or pansies. (c.) Store outdoor furniture: Protect your outdoor furniture by storing it properly or covering it with weatherproof covers.
  3. Cozy Interior Updates: (a.) Warm color palette: Embrace the fall ambiance by incorporating warm hues such as deep reds, burnt oranges, and earthy browns into your home decor. (b.) Layered textiles: Add cozy throw blankets, plush rugs, and textured pillows to create a welcoming and inviting atmosphere. (c.) Fall-inspired scents: Use scented candles or diffusers with fragrances like cinnamon, pumpkin spice, or apple cider to create a comforting aroma.
  4. Energy Efficiency: (a.) Check windows and doors for drafts: Seal any gaps or cracks with weatherstripping or caulking to prevent heat loss and save on energy bills. (b.) Insulate pipes: Protect your pipes from freezing temperatures by insulating them with foam sleeves. (c.) Schedule a heating system check-up: Ensure that your heating system is in good working condition before the colder weather arrives.
  5. Safety Measures: (a.) Test smoke and carbon monoxide detectors: Replace batteries and ensure these devices are functioning properly. (b.) Check fire extinguishers: Make sure your fire extinguishers are up-to-date and easily accessible. (c.) Install outdoor lighting: As daylight hours decrease, consider installing motion-sensor lights for added safety and security.

Bottom Line
By following these fall home tips, you can create an inviting and cozy atmosphere while also ensuring that your property is well-maintained and prepared for the changing season. With a little effort and attention to detail, you can attract potential buyers and make a lasting impression. Embrace the fall season and make your property shine in the real estate market.

Remember, Scott and Mary are here to assist you with further questions or real estate-related topics. Happy fall preparations!

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June 15, 2023 · 11:00 am

How Changing Mortgage Rates Can Affect You

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You
You may be tempted to put your home-buying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. A good explanation is: It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.

That’s why it is critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your home-buying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.

Bottom Line
Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, let’s connect so you have a strong plan in place.

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January 11, 2023 · 10:07 am

Finished Basements: Do They Add Value?

Whether you are an owner looking to invest in your property or a real estate professional working to help a seller, the topic of basement remodeling is sure to come up. Before beginning any project, it is important to understand what you want out of the remodel, what is possible on your budget and whether you will receive a return on your investment when you decide to sell your home. Achieving a return on investment can sometimes be difficult. The following are three key considerations for you to keep in mind.

Moisture
If you are taking a basement from unfinished to finished, you will have to take moisture into account. Any leaks, condensation or flooding will have to be dealt with before you start remodeling. This can be a large factor in your rate of return, because the cost to fix these issues can run into the thousands of dollars. If you neglect to deal with these issues first, however, you will pay far more in mold removal, ruined carpets and musty smells.

Labor costs
If you plan on hiring contractors, keep in mind labor is typically the largest part of the cost. A rule of thumb is materials are about one-third of the cost to the owner and labor accounts for the other two-thirds. This means handy homeowners can save significant money by doing part of the remodeling job by themselves. Keep in mind attempting to do a job you are not qualified for may end up causing damage or simply look shoddy, which can ultimately mean more expense to pay someone to undo your mistakes. Plumbing and electrical work should always be left to professionals, yet installing insulation, hanging drywall, painting and even installing carpet may be within reach.

Egress
Often, for a basement room to be considered a bedroom, building codes will require a basement have a window large enough for occupants to safely escape in the event of a fire, and for a firefighter to enter wearing full gear. This is important, because adding an exit to your basement’s foundation can be expensive if there isn’t one present already.

Remodeling a basement can be fun, yet to receive the best return on your investment, it may take some elbow grease. For those homeowners willing to take the time to do the job inexpensively and effectively, however, there can be a significant payoff.

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December 14, 2022 · 10:30 am

Common Home Hazards

Homes can have safety issues which are not always obvious — problems that could endanger you and your family. Fortunately, doing an annual safety audit of your property can help identify some of these hazards and allow you to remedy them before they cause larger problems. It may also help you to avoid using your home warranty or homeowner’s insurance.

Want to make sure your home is safe for you and your loved ones? Here is a room-by-room breakdown of what to do.

Kitchen
If you have kids, make sure sharp knives and utensils are stored safely in a drawer. You should also check that your vent hood is working properly and that there’s a fire extinguisher within easy reach.

Bathrooms
Do your rugs have nonskid undersides that are in good condition? If not, replace them or add a nonskid mat underneath. You should also check that your electronics are kept away from water sources like the sink and tub.

Bedrooms
Make sure heavy furniture is secured to the wall or somehow anchored. This is particularly important if you have small kids who may be injured pulling down shelves or dressers.

Laundry Room
Regularly empty your dryer vent, and make sure the lint trap is clear after each load of laundry. These can both become fire hazards when clogged.

Living Room
If you have a fireplace, have it inspected by a professional annually. Adding a fire screen (if you don’t already have one) is also important. Be aware that area rugs can be tripping hazards, too.

If examining your property has made you realize you are ready to move on to your next home, get in touch so we can start the search together.

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April 25, 2021 · 7:06 pm

Spring Cleaning

Whether you are getting ready to list your home or just doing an annual deep clean, now is the best time to get started! When you have a day that is beautiful enough to leave the windows open, check out our list of tips to make spring cleaning a breeze!

Make A Plan

Rather than just starting wherever seems to need the most attention, create a plan with a list! Full-home deep cleaning can seem overwhelming, especially if you don’t know where to start or where to end. Sitting down and establishing a logical step-by-step plan for each room of your home will allow you to feel organized and motivated to check off each list item!

Get Your Supplies

Some supplies for spring cleaning might be found under your kitchen counter, while others may be something you only purchase when necessary. Make sure you have enough cleaning supplies to cover your home!

Work Smart, Not Hard

Don’t work harder than you need to. If an item can be soaked, or there is a self-cleaning tool (like your oven) – do that!

Clear Out Clutter

Spring cleaning is the perfect time to do just that – clean house! If there are items that you find you haven’t used over the last year, toss them into the donate or trash pile. This way, your home will feel clean in more ways than one!

Take Notes

If you will be staying in your home for a while, taking notes of the most efficient ways to clean certain parts of your home can save you and your family time in the future.

Have Fun!

Take this time to enjoy a new season arriving. Open those windows, play your favorite music, and dance along while you get your clean on!

If you need a referral to a house cleaner, give Scott and Mary a call at 508-563-0112.

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