February 2022 Real Estate Roundup
Second month into the new year and real estate is still seeing heavy buyer activity. Mortgage interest rates are starting to tick up and as a result mortgage and refinance applications are starting to dip. At what interest rate will buyers decide to step back and reconsider whether they want to buy or decide they need to shop lower prices remains to be seen. As mortgage rates rise mortgage payments increase which affects affordability. Regardless of mortgage interest rates though there are always people willing to buy and sell real estate. The articles in this month’s roundup are some great reads for real estate getting ready for your transaction.
Home Improvements That Boost Home Value
Making improvements to a home is a quick-fire way to boost your home’s value. The home improvements are ones that are in high demand by buyers. Certain home improvements can have the opposite effect since they are only desired by a few buyers. In this article on Bill Gassett’s website the value boosting home improvements are discussed and where in the home they should be performed. Whether you are buying or just want to make improvements to your own home this article provides great insights.
Pre-Offer Home Inspection
One way to make an offer on a house while making a competitive inspection free offer is the pre-offer home inspection method as Kevin Vitali explores. The pre-offer home inspection does rely on a number of factors such as the seller willing to allow an inspector in, some time to get an inspection assuming the sellers are waiting to consider all offers, and understanding that the inspection may have to be a less than full inspection due to all of the above. There are a lot of moving parts when making a house offer and the inspection is an important part to have done to assure the buyer the quality of the house.
Can You Sell A Condemned Home?
A condemnation action by a local government means the government has ruled the home unfit to live in and therefore no one can live in it. There could be health hazards from mold, fire damage, or something else that causes a local government to say the home cannot be lived in by anyone. Andy Kolodgie shares that even though a home has been condemned it can be sold. The buyers in this situation would most likely be cash buyers who are looking fix up the home and get it certified by the local government as livable and then sell for profit.
Identify FHA Issues Before The Appraisal
FHA loans have their own appraisal/inspection standards that require the home to be in a certain condition. When the home does not meet those conditions, the homeowner will be required to make those repairs and the appraiser will need to come back and make sure the repairs were done. All of that adds time to the purchase contract and which can delay closing. Tom Horn points out ten areas which are looked at by FHA appraisers. By making sure those areas are in good condition beforehand the homeowner can help keep their schedule to sell the home on track.
Tips For Buying Commercial Real Estate
Commercial real estate is a different type of investment that has different sets of rules for tenants, lenders and more. Therefore, making sure a first time commercial real estate investor understands the basics before they buy is important to have a successful investment. In this article by Paul Sian he discusses the key things one should know when looking into commercial real estate as an investment. With any real estate investing knowledge is key to help make it profitable.
How To Win A Bidding War
With there being a strong seller’s market in many parts of the US getting your bid accepted can be a tough task. In this article by Sharon Paxson she discusses seven tips for getting your offer accepted in a multiple bid situation. From offering cash to limiting contingencies there are a number of strategies to help put your bid on top. Buyers need to be paying attention how their local market is working in order to determine which strategies might work best for them.
Closing Prepaids Explained
When buying a house the homebuyer can be expected to make some prepayments for certain things. How much those prepaids will be can vary based on the exact time of closing. In this article by Joe Boylan he explores what are prepaids when buying real estate. The article looks at the common prepaids buyers can expect to find on their closing statement, figuring out how much to pay and more.
Michelle Gibson looks at the reasons why tiny homes are gaining in popularity. The article explores eight reasons why people are looking at tiny homes for their housing needs. Tiny homes are much quicker to get built, can be mobile, more energy efficient and makes for an easier domicile to be off grid when it comes to energy. Laws with regards to tiny homes still need to catchup in order to make sure tiny homes can be built.
Have any favorite reads from the list above, name them below in the comments. Feel free to share other real estate articles you found to be informative as well below!
Real Estate Roundup for February 2022 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!