June 2021 Real Estate Roundup
Half of 2021 has past and real estate still is strong in many markets. There does seem to be some signs of slowing due to summer travel and the economy opening up from COVID restrictions. Will the slowdown continue through the Fall or will people when back from summer vacations be ready to engage in some bidding wars again? Time will tell, in the meantime check out these great articles to help you get ready to buy, sell or invest in real estate.
13 Tips For Winning A Bidding War
The real estate market is still hot with buyers having to compete to win a house. Preparing the best offer can help ensure your offer comes out on top and the tips in the article by Bill Gassett provides exactly what you need to winning a real estate bidding war. While certain things can put an offer on top, like a high offer amount, other things may not be worth the risk. Waiving a home inspection while making your offer more competitive could cost you in the long run as Bill explores.
What To Know About Buying A House With Aluminum Wiring
As house construction has improved over time the types of wiring used in homes has changed. Homes built in the 60s and early 70s used aluminum for their electrical wiring which can pose some hazards as Joe Boylan explores. Joe explores why aluminum wiring can be an issue in homes and what homeowners should be doing. In some cases, home insurance companies can deny insurance to homes that still have active aluminum wire circuits in the home.
Selling A Home While In Forbearance
During the pandemic those who found themselves without income were able to defer payments on their mortgage after making a request with their mortgage lender. Many of those forbearance programs are still running as the impacts of the pandemic start to wind down. Some who deferred their mortgage payment may be wondering can a homeowner sell their home while deferring their mortgage? Vicki Moore provides the answers in her article and some pros and cons of the forbearance programs and how they would impact the sale of a home.
Selling A Home With A Lien
When a home has a lien on it that does not necessarily stop the home from being sold as Andy Kolodgie explores. There are a number of options to deal with a lien on a home prior to selling. Homeowners can pay off the lien, transfer the lien, dispute the lien and more. Liens can be placed on homes from a contractor, builder, the tax authority and some other situations. Dealing with the lien prior to selling the home is the best bet but having a lien is not a showstopper either.
Appraisal Gap Coverage
When buying a house with a mortgage an appraisal will generally be required in order to make sure the actual home’s value is enough to support the purchase price. Kevin Vitali explains when the home’s value is below the purchase price that can cause problems since the bank will not be able to provide a mortgage unless a couple of things happen (reduction in sales price or buyer brings more cash to closing). The appraisal gap coverage clause in an offer provides that the buyer will make up the difference if the home’s value is below the purchase price. In a highly competitive seller’s market more buyers will use the appraisal gap coverage in order to strengthen their offer.
How To Figure Out Your Debt To Income Ratio
An important factor when applying for a mortgage is the home buyer’s debt to income ratio. In this article by Luke Skar he explores how the debt to income ratio is calculated and why it is important to lenders. Certain debts and income must always be included in the calculation and others items may be excluded. Debt to income ratios come into play for a lot of different types of loans, not just mortgages and it is something home buyers should understand when getting ready to buy a home.
Qualifying For A Mortgage After Forbearance
During the pandemic those who were out of work due to the shutdowns were allowed to defer payments on their mortgage if they met certain criteria. Eric Jeanette writes about whether a homeowner can qualify for a mortgage after being on a forbearance program. Qualifying for a mortgage means either for buying a new home or for refinancing an existing mortgage. While on a forbearance program the options are limited there is the chance to get out of forbearance.
What To Do With A Bonus Room
Sometimes with new construction homes or even existing homes a bonus room feature will be mentioned. What exactly is a bonus room and what can you do with one is explored in detail by Paul Sian. A bonus room typically does not fall within the other room categories (like bedrooms, bathrooms, kitchens etc). Bonus rooms can be changed and have multiple uses at the same time as the article explores.
What are your plans for real estate, whether buying or selling a personal residence or investing in real estate? Do you think the current seller’s market will keep going or will it start to lose steam? Share your thoughts below!
The Real Estate Roundup for June 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!