March 2023 Real Estate Roundup
Mortgage interest rates continue to remain elevated but on the other side buyers are starting to come back and submit offers on homes. Fewer homes being available for sale means multiple offers on the homes that are available. This will vary market by market and some markets may be tilted more in favor of buyers. For those wanting to buy a home to live in, sell a home or invest be sure to check out some of the great real estate reads from March 2023.
Pre-Listing Inspection: What To Know
When listing a home for sale the seller has an option to have the home inspected by a home inspector prior to even the first buyer walking in the door. The benefit of having a home inspected prior to listing is that the seller can make any repairs as needed and have a full inspection report they can share with any buyer as Bill Gassett explains. Bill further explains the process of pre-listing inspection as well as the pros and cons.
Co-Borrower Loan Requirements
Sometimes depending on credit score or work history (really the lack of those two) a buyer may need to get the help of a co-borrower who will also sign on the mortgage loan but will not live in the home themselves. This is seen more frequently with family members who are co-signing on a mortgage with other family members who are not eligible on their own to qualify for a mortgage. With these loans there are still requirements that need to be met as Luke Skar explores.
Outdoor Improvements That Increase Home Value
The outdoor areas of the home are important to many homeowners and home buyers. Top on list for many buyer’s is an outdoor area they can enjoy in a home they are considering. In this article by Vicki Moore she provides seven different outdoor improvements that can help boost the value of a home. Whether one wants to sell a home or is working on improving the home for the homeowner the outdoor space is one that can benefit from the attention.
Depersonalize Before Listing
When selling a home, a majority of buyers want to see themselves living in the house of their dreams. Too many personal items or personalization of a home can prevent the buyer from seeing themselves in the home and instead they are seeing the current owners as they lived in the home. Kevin Vitali provides some tips on home depersonalization in order to make sure buyers see the home for what it truly is versus who lived there.
Should You Install Solar on Your Home?
Installing solar panels on your home can not only help you save money on utility bills but also help you save money on taxes. To add to that a solar powered home can have a better value as compared to an equivalent home that does not have solar. In this article by Paul Sian the benefits of home solar power systems are explored for homeowners. Solar generally does not have an immediate payoff and instead takes a number of years to see a return on investment.
Market Trends and the Appraisal
As part of performing an appraisal the appraiser will consider market trends. As Tom Horn discusses themarket trends an appraiser will review as part of the appraisal includes mortgage interest rates, supply vs. demand, economic conditions and even demographics. These trends can be helpful in determining the current value of a property and buyers and sellers should also be familiar with this.
Pros and Cons of VA Loans
The Veterans Administration (VA) mortgage loan is specifically for active duty servicemembers and veterans. It allows those eligible to borrow to buy a home with a low or no down payment and with competitive interest rates. In this article by Eric Jeannette he explores the pros and cons of the VA loan, who is eligible to use it, as well as what a seller can expect when working with a buyer who has a VA loan.
Home Inspection Contingency
The home inspection is an important task that buyers need to have performed in order to ensure the quality of the home they are under contract to purchase. In this article by Sharon Paxson she looks at the home inspection contingency as well as what both buyers and sellers need to know. Buyers need to prepare for the home inspection as well in order let the home inspector know what areas may need to be looked at a little more closely.
What other real estate articles have you found to be helpful? Feel free share those articles in the comments below.
Real Estate Roundup for March 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!