January 2022 Real Estate Roundup
One month down in 2022 and real estate is still pretty active. Interest rates while higher than the lows of last year are still relatively low. As the Federal Reserve has indicated they will be lifting rates, mortgage rates should also go up. As mortgage rates rise there may be a jump in buyer activity as they try to lock in low rates on a new home. Check out some of the great real estate articles in this month’s round up to get ready to accomplish your 2022 real estate goals.
Identifying Overpriced Homes
Whether you are buying or selling a home you need to make sure the home is priced according to other like kind homes. Buyers avoid overpriced homes and sellers will suffer the effects of an overpriced home by having it sit on the market with no offers as Luke Skar explores. Even worse if an overpriced home happens to get an offer the appraisal might come back low on the home causing the buyer and seller to renegotiate the purchase price.
How To Sell A Home Fast When Facing Foreclosure
When the possibility of a foreclosure arises a good option for the homeowner would be to sell the house before the foreclosure is finalized. A foreclosure can stay on a credit report for up to 7 years and the homeowner will see an immediate and large reduction in credit score. By selling the home prior to foreclosure the homeowner maintains control of how and when they move out of the house versus being forced to move.
Avoiding Cybercrime in Real Estate
With as much money that is transacted in real estate it makes sense that the criminal types will try and take advantage of any holes in security for an easy score. Buyers, sellers, real estate agents, title companies and even attorney’s have fell victim to common real estate cyber scams. Vicki Moore provides some of the ways everyone can protect themselves from cybercrime in real estate. This is definitely a situation where an ounce of prevention is worth much more than a pound of cure.
Tips For Selling A Home In The Winter
The weather outside might be frightful but that does not necessarily scare away home buyers. What will scare buyers away is a home for sale in the winter time that is not properly prepared. Kevin Vitali provides some excellent tips for getting a home ready for selling in the winter time. There are some advantages to selling in the winter as Kevin explores. Preparation is critical and the HVAC system will be tested to make sure it can heat a home in the cold snap of winter.
Wet Basement Prevention Tips
Water in the house in a place it is not supposed to be can cause damage depending on the source and how long it sticks around. Water especially in the basement can cause a home to be completely unlivable if it is in a place it is not supposed to be. In the basement there are the plumbing, drain lines, and most of the basement is also underground. So there are plenty of water sources in the basement to be careful about as Conor MacEvilly explains. Conor provides some great solutions for preventing basement flooding in the first place.
The Difference Between Homeowners Insurance and Mortgage Insurance
There are a number of different insurance options that homeowners need to consider as part of owning a home. Home insurance and mortgage insurance are different things that provide different protections as Joe Boylan explains. If one has a mortgage homeowners’ insurance is required and protects the actual dwelling and contents of the dwelling. Mortgage insurance on the other hand protects the mortgage lender and is only required in certain situations as Joe’s article explores. Knowing which one you need and which you can get rid of can lead to big savings.
Real Estate and Inflation
Inflation is running at forty-year highs and is having quite the impact on many aspects of the economy. Especially with regards to real estate inflation is effecting home buyers and sellers. Home prices have been going up and rents on living units have also been seeing sharp jumps in prices. Paul Sian explores how inflation will impact real estate and what buyers and sellers are doing as a result. The Federal Reserve’s action to help reduce the rate of inflation will have an impact on real estate in general as the article explores.
Tips For Paying Off A Mortgage Faster
With a mortgage being a long-term debt commitment, some homeowners want to get it paid off sooner rather than later. By paying off a mortgage off earlier the homeowner saves money that would otherwise be paid to the lender as interest and can increase the cash they keep in their own pocket versus paying to a lender as Michelle Gibson explores. One does not even need to pay down large amounts at once and instead has other options to get a mortgage paid off early.
Is inflation having an impact on your real estate buying and selling decisions or as a homeowner? Let us know in the comments below what effects you are seeing as a result of inflation on your home.
Reall Estate Roundup for January 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!