November 2020 Real Estate Roundup
The holiday season is upon us and during this time frame home sales tend to slow down. With the shortage of homes there are still plenty of buyers looking to buy a home and those wanting to sell will still find plenty of buyers ready willing and able. Use some of the articles in this month’s round up to get ready for the spring selling season next year or to try and sell during the holiday season.
An important part of buying a home with a mortgage is the appraisal. With a home appraisal the lender is hiring an independent appraiser who will go out to the home under contract and evaluate it in order to determine an estimate of value. Homes purchased with a mortgage loan are required to have an appraisal as Bill Gassett explores. Lenders will not lend on a home when the value is determined to be below the purchase price. The article from Bill provides some helpful information on the home appraisal process and what buyers and sellers should be understanding about it.
Best Home Improvement ROI
In order for a home to be a real investment, homeowners need to be keeping up on the upkeep of the home. Not only does that mean repairing problem areas of the home but it also means updating the home so it has modern features as Karen Highland explains in her article about the home improvements with the best return on investment (ROI). A home may be in tip top shape but if it is outdated feature or finish wise it will not retain value since buyers want move in ready homes that are up to date as well.
Home Buying Tips That Matter
Buying a home is a journey that requires the proper preparation and planning. Miss certain critical steps and a home buyer can find themselves losing out on a great home. Kevin Vitali provides twenty three great home buying tips that are a must read for anyone wanting to buy a home. Especially in a time when home buyers face so much competition and fewer homes to choose from going in less than prepared is a surefire way to not get the home that they really want.
Pros and Cons of HOAs
Homeowners associations also known as HOAs govern the neighborhood where a particular home is. HOAs are setup in order to help manage properties so they maintain uniformity which can also help maintain value. There are downsides as well associated with HOAs as Sharon Paxson points out. Homeowners who plan on buying a home where an HOA is should fully understand the ups and downs of the HOA system and take a few steps further and try and learn how the specific HOA operates so as not to make sure they HOA will work for them.
Does Mortgage Refinance Make Sense For You?
In this article by Luke Skar he looks at the reason as to why you should refinance your mortgage. There are different options for refinancing from staying with the thirty-year mortgage or to going for a shorter mortgage that will save on interest over the term of the loan. Interest rates and closing costs also play a big factor in whether it make sense to refinance your mortgage. Be sure to read Luke’s article to understand what lenders look for when refinancing a mortgage loan and what considerations homeowners should be making.
Selling A Home After A Loved One Passes Away
Dealing with the death of a loved one can be a stressful event. Add to that the need to sell the home they owned and things can get tricky. In this helpful article from Vicki Moore she provides some wise tips on how one can sell the home of a recently departed family member. From carefully going through your loved ones belongings and paperwork to make sure you are not throwing away anything of value to getting the house in good order so buyers can truly appreciate it for the potential it has Vicki provides some excellent tips.
Prevent Your Home From Getting Hacked
With many devices and appliances getting internet connectivity thus making them smart devices the chances of a major hack taking control of your home is increasing. This article from Paul Sian looks at some of the common way hackers look for back doors in your home network and network devices so they can break in and take over. Homeowners need to be securing their home network and the devices that are connecting to their network so they don’t lose control and find themselves at the mercy of a hacker who will only give you back control after some money has been paid.
When Should Landlords Replace Apartment Carpet?
Investment property comes with its own share of responsibilities in order to keep tenants happy and the value of the property up. Letting things like the carpet get too old and aged will mean tenants who are willing to pay for a nice play to live will instead look elsewhere. In an article from Joe Boylan he explores when landlords should be replacing the carpet and what tenants should be expecting with regards to carpet. Joe also explores how state laws can impact how often carpet should be changed.
With low interest rates and low home inventory buyers are having a tough time finding a home. That does not look to be letting up anytime soon. How has the pandemic affected your ability to buy or sell a home? Have any unique stories or observations to share? Feel free to comment below.
The Real Estate Roundup for November 2020 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. Feel free to contact Paul for all your Greater Cincinnati and Northern Kentucky real estate needs.