July 2021 Real Estate Roundup
2021 seems to be moving at a faster pace than 2020 for obvious reasons. People are visiting family, taking long awaited vacations, and more. Fewer buyers and more homes coming to market means there is a slight change in the real estate market. Will this change stick, or will more of the same from earlier this year come back in the fall as people come back home from travel remains to be seen? In the meantime, check out some of the great real estate articles from July 2021 to help you get ready for your real estate goals.
What Does Pending Mean When Selling or Buying A Home?
Most Multiple Listing Systems (MLS) around the world have status indicators to let the public know what the current situation of a home is. Whether the home is Active, Pending, Sold, or something else there are categories real estate agents must use when maintaining their listing. The Pending home status is one that is between Active and Sold as Bill Gassett explains. While in a pending status a home still may be available for visits and may even still be accepting offers which will serve as backup to the main offer if it does not close.
How Do Real Estate Agents Get Paid?
In this article Vicki Moore looks at how real estate agents get paid. The most common method is receiving a commission upon closing of the sale or purchase of a home or investment real estate. Prior to closing agents in a sense are working for free and if the sale does not close for whatever reason the agents will not get any payment from that transaction. There are some other types of payment models that real estate agents can work on depending on how their brokerage is setup.
Should You Sell A Home In As-Is Condition?
While the ideal way for selling a home is to prepare it to look its best, that is not always possible. Danny Margagliano explores when are some of the appropriate times to sell a home in as-is condition. Selling a home in as-is condition can work when the home is priced right and buyers know up front the home will be sold as-is. Making a home look pretty in pictures when in reality the condition is not so great will lead to plenty of disappointed bidders with few if any offers. Learn about what situations make sense for selling a home as-is before you take that step.
Smart Basement Finishing Tips
A finished basement can make the basement space much more usable to homeowners and increase the value of a home at the same time. In order to do it right one must take the right steps to finish the basement space. There is a lot that can go wrong when a basement is not finished correctly as Kevin Vitali points out. From making sure the proper permits are obtained, the right finishes used and water issues addressed so that the basement becomes something to enjoy and retains value for a long time to come.
Tips For Renovating A Home
If homes are not maintained and updated on a periodic basis they will lose value compared to other homes that have been updated. In this article by Sharon Paxson she dives into some helpful tips for home renovations that add value. When done right home renovations can help maintain or even improve the value of a home. On the other end of the spectrum are home renovations gone bad where the homeowner did not set a budget, hired unreliable contractors, went for the cheapest bid over quality and more.
Tips To Automate Your Home
Home automation done right is one of those things that not only make home life easier but can also add value and even save money on things like homeowner’s insurance and electricity. Smart home alarms not only add safety features to the home (burglar, fire, water alarms) but are also used by homeowners’ insurance companies to reduce overall rates on the policy. Other smart home features can control lighting, the interior temperature and much more. This article by Paul Sian looks at a few of the areas where home automation makes sense and helps lighten the load for home life.
Days On Market
The days on market or DOM refers to how much time a home has been on the market for. The longer a home is on the market without any offers the less buyers are interested in the home since they assume there are issues like too high price or something is wrong with the home as Joe Boylan explores. Certain things like a home accepting an offer can stop the clock ticking for days on market depending on the MLS involved. Not every MLS will pause the DOM count for the same reason. Read more to find out why DOM is an important metric for individual homes as well as the market as a whole.
Random Thoughts From An Appraiser
An appraisal is an important step when buying or selling real estate. In this piece from Tom Horn he provides some interesting insights into the current state of real estate appraisals. Tom shares his knowledge on things like whether or not basement square footage should be included in overall square footage of a home, not every area appreciates at the same rate (remember location, location, location, cost does not equal value when it comes to renovations and more. By understanding the appraisal process home buyers and home sellers are in a better able to position themselves in the market.
What are your thoughts about the real estate market in the near future? How is the market performing in your neck of the woods? Please share your comments below!
The Real Estate Roundup for July 2021 was provided by Greater Cincinnati Area Luxury Realtor Paul Sian of United Real Estate Home Connections. Paul is a licensed real estate agent in the states of Ohio and Kentucky and has over 14 years of experience. Do you have a home you are ready to sell now in Greater Cincinnati or Northern Kentucky? Be sure to contact me now!