February 2023 Real Estate Roundup
Interest rates have ticked up again getting close to the seven percent range for a 30 year fixed rate. Many buyers are still sitting on the sidelines and sellers are also in a wait and see mode hoping for rates to come down or buyers to start shopping some more. Investment real estate that has good cash flow is still seeing plenty of interested buyers and getting offers. Check out some of the great real estate reads from February 2023 to keep up on your real estate knowledge.
Questions to Ask A Real Estate Agent
When getting ready to list a home for sale you should make sure you to understand the process fully so that no bumps that come along the way are a surprise. Bill Gassett provides a list of questions that home sellers can ask a real estate agent that they want to help them with selling. Having a well-qualified expert help out with selling the home means working with someone with experience who will be able to provide the best strategies for selling and closing.
Kickoff of the Spring Home Buying Season
While the official mark of spring starts later the spring home buying season begins right around the time of the Super Bowl as Vicki Moore points out. Spring typically represents the time the most buyers and sellers are active in the market looking to transact. More listings should be available and more buyers are ready to buy so they can be in a new home for the next school year. By being ready early in the season the seller/buyer can get a leg up on the competition.
What is the Difference Between Buyer’s vs. Sellers Market?
As the mortgage rates have pushed many buyers out of the market the shift from seller’s market to buyer’s market has been afoot. Not every market is moving at the same pace but the fact that many are moving may be a sign of things to come. Luke Skar explains provides some insight to help Buyers and Sellers determine the difference between a buyer’s and a seller’s market. The shift has important implications for both buyers and sellers in how they should approach the market.
What Are Home Buyers Wanting in a Home in 2023?
If you are planning to sell a home in 2023 knowing what buyers are looking for is an important step to getting the home sold. Especially in a tougher market where fewer buyers are ready to buy meeting those buyers who are ready is key. In this article by Karen Highland she covers some of the features that buyers are looking for in 2023 for the next home they buy. Some of the feature changes can be easily done whereas others need planning.
Pros & Cons of Selling to Opendoor
Opendoor is an iBuyer company which offers to buy your home in a low friction transaction. What that means is that you as the seller are willing to accept less money for your home but sell it much easier compared to listing on the MLS. Is that completely true though? In this article from Kevin Vitali he explores the pros and cons of selling a home to an iBuyer like Opendoor. Learn about the pros and cons of selling to Opendoor before signing on the dotted line.
Benefits of the FHA Mortgage
For buyers with less money available for a down payment the FHA mortgage offers a great opportunity to get into a home. In addition to low down payment the FHA mortgage has other benefits as Eric Jeanette explores. FHA mortgages allow home buyers to buy a true fixer upper, purchase a to be constructed home and more. Be sure to also check out the video included as well.
Walking Away From a Home Purchase Contract
Before closing a home buyer has a few chances under which with they can cancel the contract to purchase a home. Under these contingencies the home buyer must cancel properly and within the timeframes allowed to avoid potential legal consequences. Do it during the wrong time or outside of contingency and the home buyer could be the subject of a lawsuit as Paul Sian explains. While a buyer usually is not forced to purchase a home they no longer want that does not mean a court won’t award damages to the seller for cancelling outside of a contingency.
Make Sure Your Offer is Clear
Sending in an unclear offer to a seller not only can cause confusion with the seller but the unclear offer to buy a home will lose out against other offers. Especially in a seller’s market where multiple offers are expected the offer with terms that are not clear will be a losing offer as Conor MacEvilly points out. Unclear language in the contract can means things that should be in the home are not there after closing, the seller leaves things that should have been removed and more. Write a clear and concise contract to make sure your requirements are met.
What other real estate articles or videos have you found to be helpful? Please discuss them in the comments below.
Real Estate Roundup for February 2023 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 16 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!