May 2021 Real Estate Roundup
Another month passed in 2021 as economies around the US slowly open up from COVID related closures. The housing market is still brisk in many markets with homes for sale in short supply and lots more buyers. The end result is bidding wars and increased prices on homes and investment real estate. The big question is can the short supply of homes and high demand from buyers last? Or will there be a change?
Easements and Right Of Ways
Easements and Right of Ways are legal terms that apply to land. With easements and right of ways there are limits as to what the landowner can do in order to prevent interference with the easement or right of way. A common easement is often granted to power and cable/phone companies to run their lines through property to service other homes in the area. In this article by Kevin Vitali he explores easements and right of ways and provides an in depth look at how they can limit use of land in certain areas.
Real Estate Appraisal For Sellers
When a home buyer is buying a home with a mortgage the appraisal is an important part of the process. In order for a mortgage lender to approve a loan to buy the home the home’s value must appraise at or above the purchase price the buyer is in contract for as Vicki Moore explains. Home sellers can help out with the appraisal by making sure their home is in good working function, is accessible to the appraiser and ready to go just as if a home inspection was being performed.
Home Repairs Prior To Selling A House
Unless the homeowner plans on selling a home as-is getting the home in tip top shape means buyers looking for a move in ready-home will be at the top of the list ready to make an offer. The specifics as to what one should repair prior to listing a home for sale is expertly covered in an article by Luke Skar. Water damage, foundation issues, electrical issues, and other safety issues should be a priority when figuring out what one should tackle when getting the home in shape for sale.
No Closing Cost Mortgage Refinance
There are options available to get a mortgage refinance with no closing costs. This article by Bill Gassett explores those zero closing cost refinance mortgages and explains how the fees and costs are handled in the closing. In most mortgage loans there are some common costs associated with the processing, handling and closing of the loan. Bill takes a look at those costs and shows how lenders are able to cover those costs for some borrowers.
Selling A Rental Home With Tenants
Selling a home in general can be a challenging activity. Add to that having tenants living in that home and the complexity increases. It is still possible to sell a home with tenants in place as this article from Andy Kolodgie discusses. Additional considerations must be taken into account when selling that home with a tenant. Things such as local laws regarding entering a tenant’s home and timing, the type of lease a tenant is on (month to month versus longer), what type of buyer will be considering the home and more. Be sure to read Andy’s article if you plan on selling a tenant occupied home.
Can The Amount Of A Mortgage Payment Ever Change?
Many home buyers think that when they are getting a thirty year mortgage for a home with a fixed rate their mortgage payment is set in stone and it will never change. This article explores the types of events that can change the amount of a mortgage payment. Things like the increase (or possible decrease) in tax rates, increase in insurance and more recently mortgage payment delays due to COVID can have an impact on the monthly mortgage payment. A mortgage payment can change even if one has a fixed interest rate as this article explores.
Who Pays The Closing Costs?
When you are buying a home, selling a home or even refinancing your mortgage there are closing costs associated with that transaction. Closing costs can be split between the buyer and seller or sometimes one of the parties can pay most or all of the closing costs. Understanding closing costs and who should be paying what is an important part of any real estate transaction as Joe Boylan discusses. Closing costs can vary based on the lender used, the closing company, the type of mortgage loan and more.
7 Smart Kitchen Design Hacks
Remodeling a kitchen can go a long way to increasing the value and desirability of a home. Whether one plans on living in the home for some time to come or planning on selling soon a remodeled kitchen provides a great return on investment as Sharon Paxson explores. The main aspects of the kitchen such as the cabinets, appliances, countertops and more can benefit from even a minor refresh. Or take it one step further and remodel the entire kitchen in one go in order to take the best advantage of having everything new put in at once.
Find any other real estate articles you enjoyed? Please share them in the comments below and tell us which articles from the list above helped you!
The Real Estate Roundup for May 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!