Tag Archives: buyers

March 7, 2024 · 11:00 am

People Are Still Moving, Even with Today’s Affordability Challenges

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!

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February 15, 2024 · 11:00 am

The Direction of Mortgage Rates

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!

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January 11, 2024 · 10:00 am

Causes of Buyer’s Remorse After Buying a House

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

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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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December 28, 2023 · 11:00 am

Get Ready for Smaller, More Affordable Homes

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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December 14, 2023 · 11:23 am

The Value of an Agent When Buying Your New Construction Home

When buying a new construction home, you might wonder if you need a real estate agent. While it’s true that you can directly work with the builder or their sales representative, there are several reasons why having Scott and Mary Tynell  as real estate agents can be valuable:

Expertise and Guidance: Scott and Mary Tynell have a deep understanding of the local market, including new construction developments. They can provide valuable insights into the builder’s reputation, quality of construction, and comparable home prices in the area. Their expertise can help you make informed decisions and negotiate the best terms and prices for your new home.

Negotiation and Advocacy: Scott and Mary Tynell can act as your advocate and negotiate on your behalf. They have experience in dealing with builders and can help you navigate the complex process of selecting options, upgrades, and financing. They can also review contracts and ensure your best interests are protected throughout the transaction.

Assistance with Documentation and Contracts: Buying a new construction home involves a significant amount of paperwork and contracts. Scott and Mary Tynell can help you understand and navigate these documents, ensuring that you are fully aware of the terms and conditions of the purchase. They can also review warranties and advise you on any potential issues or concerns.

Home Inspections and Due Diligence: While new construction homes are typically inspected by the builder, having Scott and Mary Tynell can provide an additional layer of protection. They can recommend independent home inspectors who will conduct thorough inspections to identify potential issues before you close the property.

Continued Support: Even after the purchase agreement is signed, Scott and Mary Tynell can assist with any issues or concerns that may arise during the construction process. They can communicate with the builder on your behalf, ensuring that your questions are answered and any necessary changes or repairs are addressed.

It’s important to note that in most cases, the builder will cover the cost of the buyer’s agent commission, meaning you can benefit from the expertise and guidance of Scott and Mary Tynell at no additional cost to you.

Overall, having Scott and Mary Tynell by your side when buying a new construction home can provide valuable support, guidance, and advocacy. Scott and Mary Tynell can help you make informed decisions, navigate potential challenges, and ensure a smooth transaction from start to finish.

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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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September 21, 2023 · 11:00 am

Evaluating Your Wants and Needs as a Homebuyer

When entering the homebuying process, it is important to evaluate and prioritize your wants and needs. This will help you focus your search, save time, and make informed decisions. Here are some key factors to consider:

  1. Budget: Determine your budget by assessing your finances, including your income, savings, and expenses. This will help you understand how much you can afford to spend on a home, including the down payment, mortgage payments, and ongoing homeownership costs.
  2. Location: Consider the location that best suits your lifestyle and needs. Think about proximity to work, schools, amenities, transportation, and any other factors that are important to you. Research the neighborhoods you are interested in to ensure they align with your preferences and requirements.
  3. Size and Layout: Evaluate your space requirements, including the number of bedrooms, bathrooms, and overall square footage. Consider your current needs, as well as any future plans that may impact your space requirements, such as starting a family or working from home.
  4. Property Type: Determine the type of property that suits your lifestyle and preferences. Options include single-family homes, condominiums, townhouses, or multi-family properties. Each type has its own advantages and considerations, so weigh the pros and cons based on your needs.
  5. Features and Amenities: Make a list of the features and amenities that are essential to you. This could include a specific architectural style, a backyard, a garage, a swimming pool, or a specific layout. Differentiate between must-haves and nice-to-haves to help prioritize your search.
  6. Condition and Renovation Potential: Consider whether you prefer a move-in ready home or if you’re open to doing renovations or updates. Assess your comfort level with potential repairs or remodeling projects and factor that into your search.
  7. Resale Value: While it’s important to focus on your current needs, it’s also wise to consider the potential resale value of the property. Look for factors such as the neighborhood’s desirability, property appreciation trends, and any upcoming developments that may impact the value.
  8. Lifestyle Factors: Think about your lifestyle and how the home will support it. Consider factors such as outdoor space, proximity to parks or recreational areas, access to amenities like gyms or shopping centers, and any specific requirements related to your hobbies or interests.

By evaluating and prioritizing your wants and needs, you can streamline your home search and make informed decisions. It is important to stay flexible and open to adjustments along the way, as your priorities may evolve during the process. Working with a knowledgeable real estate agent can also help you navigate your options and find a home that meets your criteria.

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September 7, 2023 · 11:00 am

Essential Home Repairs: A Guide for Homeowners

Keeping a home in good condition requires regular maintenance and occasional repairs. As a homeowner, understanding the essential home repairs can save you time, money, and potential headaches down the road. In this blog post, we will explore some common home repairs that every homeowner should be familiar with.

  1. Plumbing Repairs: A leaky faucet, clogged drain, or running toilet are common plumbing issues that homeowners encounter. Knowing how to fix these minor plumbing problems can prevent water wastage and avoid costly repairs. We will discuss simple solutions and when to call a professional plumber.
  2. Electrical Repairs: Faulty wiring or malfunctioning electrical fixtures can be dangerous and should be addressed promptly. We will provide guidance on basic electrical repairs, such as replacing a light switch or installing a ceiling fan. However, it’s important to emphasize the importance of hiring a licensed electrician for complex electrical work.
  3. Roof Repairs: A well-maintained roof is crucial for protecting your home from the elements. From replacing damaged shingles to fixing leaks, we will discuss some common roof repairs that homeowners may encounter. We will also highlight the importance of regular roof inspections to identify potential issues before they become major problems.
  4. HVAC Repairs: A properly functioning heating, ventilation, and air conditioning (HVAC) system is essential for maintaining a comfortable indoor environment. We will provide tips on troubleshooting common HVAC problems, such as uneven cooling or heating issues. However, it’s important to note that complex HVAC repairs should be left to certified technicians.
  5. Structural Repairs: Over time, homes may experience structural issues, such as foundation cracks or sagging floors. We will discuss signs of potential structural problems and provide guidance on when to seek professional help. It’s crucial to address these issues promptly to prevent further damage and ensure the safety of your home.

Bottom Line
By familiarizing yourself with essential home repairs, you can become a proactive homeowner and tackle minor issues before they escalate into major problems. Remember, while some repairs can be handled independently, it’s important to recognize when it’s time to call in a professional. Regular maintenance and prompt repairs will not only keep your home in good condition but also help preserve its value in the long run.

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